Metro Vancouver's housing market sees quiet summer, real estate board says

The latest statistics from the Real Estate Board of Greater Vancouver released Friday revealed the region's housing market continued to see a quiet summer season through August.

Home sales last month dropped 40 per cent, meaning 1,200 fewer homes were sold compared to August 2021. Sales were nearly 30 per cent below the 10-year average for August.

"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer," Andrew Lis, REBGV’s director, economics and data analytics said in a news release.

"This shift in market conditions caused prices to edge down over the past four months."

The benchmark price for detached homes is currently just above $1.9 million, which is nearly eight per cent higher than last year, but about two per cent lower than July of this year.

For apartments, the benchmark price is about $740,000. That marks an 8.7 per cent increase from last August and a two per cent decrease from July.

"Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs," Lis said. "Preparation is critical in today’s market."

REBGV's statistics don't include Surrey, Delta or Langley.